Table A4 Cash holdings and WFH...

Table A4

Cash holdings and WFH amenability

	(1)	(2)	(3)	(4)	(5)
High remote working × COVID-19	0.002*
High remote working × COVID-19	(0.001)
High remote working wage × COVID-19		0.002*
High remote working wage × COVID-19		(0.001)
High team interaction × COVID-19			0.001
High team interaction × COVID-19			(0.001)
High customer interaction × COVID-19				0.003**
High customer interaction × COVID-19				(0.001)
High Face2Face interaction × COVID-19					0.002
High Face2Face interaction × COVID-19					(0.001)
Leverage	−0.000	−0.000	−0.000	−0.000	−0.000
Leverage	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Profitability	0.129***	0.129***	0.127***	0.127***	0.129***
Profitability	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)
Size	−0.017***	−0.017***	−0.017***	−0.017***	−0.017***
Size	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Constant	0.223***	0.223***	0.223***	0.224***	0.224***
Constant	(0.009)	(0.009)	(0.009)	(0.009)	(0.009)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Country-year-quarter fixed effects	Yes	Yes	Yes	Yes	Yes
Observations	76,871	76,871	76,552	76,552	76,871
Adjusted R²	0.014	0.014	0.014	0.014	0.014

	(1)	(2)	(3)	(4)	(5)
High remote working × COVID-19	0.002*
High remote working × COVID-19	(0.001)
High remote working wage × COVID-19		0.002*
High remote working wage × COVID-19		(0.001)
High team interaction × COVID-19			0.001
High team interaction × COVID-19			(0.001)
High customer interaction × COVID-19				0.003**
High customer interaction × COVID-19				(0.001)
High Face2Face interaction × COVID-19					0.002
High Face2Face interaction × COVID-19					(0.001)
Leverage	−0.000	−0.000	−0.000	−0.000	−0.000
Leverage	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Profitability	0.129***	0.129***	0.127***	0.127***	0.129***
Profitability	(0.021)	(0.021)	(0.021)	(0.021)	(0.021)
Size	−0.017***	−0.017***	−0.017***	−0.017***	−0.017***
Size	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Constant	0.223***	0.223***	0.223***	0.224***	0.224***
Constant	(0.009)	(0.009)	(0.009)	(0.009)	(0.009)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes
Country-year-quarter fixed effects	Yes	Yes	Yes	Yes	Yes
Observations	76,871	76,871	76,552	76,552	76,871
Adjusted R²	0.014	0.014	0.014	0.014	0.014

Note(s): The dependent variable is Δ cash holdings. COVID-19 equals 1 for Q2’2020 - Q4’2020 and 0 otherwise. The description of all variables is presented in Table 1. The standard errors are shown in parenthesis, which are clustered at the industry level. ***, ** and *denotes significance level at 1, 5 and 10% respectively

Source(s): Authors’ computations

[ViewLarge]

Sharing Unavailable